Crude Oil Prices Rebounded Strongly

By IBTimes Staff Reporter | April 23 2010 4:28 AM

Crude Oil price started yesterday's trading lower, reaching as low as $82 per barrel. The price decline came along with fears from the European economy and a strongly hit EUR. However, later during yesterday's trade after the release of positive existing home sales and unemployment claims by the U.S., Crude Oil rebounded and ended the trading day slightly higher. Currently Spot Crude Oil is at $83.65.

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Crude Oil was also supported by Obama's speech to Wall Street, in which he emphasized the improvement in employment and the overall U.S. economy, compared to previous year. Any change in the positive sentiment in regards to the economic recovery might send Oil prices down rapidly.

Core Durable Goods and New Home Sales to be published later today should support Oil prices in the last trading day for this week. So far Crude Oil for the week is slightly down, but crude oil might end higher for this week if it is supported by further positive data.